• Oil: an overview of the market situation

Market news

16 January 2014

Oil: an overview of the market situation

Oil prices are mixed , though with a slight modification. On the dynamics of trade affect expectations increasing supplies from the Middle East and North Africa, which outweighed the news about a noticeable drop in U.S. oil inventories .

Today, as it became known that the Organization of Petroleum Exporting Countries (OPEC) kept its forecast for global oil demand in 2014 at 90.91 million barrels per day , which is 1.2 % higher than in 2013 , said the cartel. OPEC has maintained its forecast for global oil demand this year at 90.9 million b / d

By the end of 2013 , global demand for OPEC oil estimated at 89.86 million b / d (an increase of 1 % compared to 2012 ) .

Forecast oil production countries on OPEC for 2014 increased by 70 thousand b / d - up to 55.38 million b / d (up by 1.27 million b / d relative to 2013). The main growth will provide the United States, Canada, Brazil and Sudan , while in Norway and Mexico is expected to reduce production . Demand for OPEC oil this year is expected to reach 29.6 million b / d to 0.4 million b / d below the level of 2013. In December last year , OPEC cut oil production by 20 thousand b / d compared with November - to 29.44 million b / d . In the beginning of December, OPEC kept oil production quotas at 30 million b / d .

At the same time, investors continue to monitor developments in Iran and is ranked fifth in the world in oil production. Earlier Thursday, Iranian Foreign Minister Mohammad Javad Zarif said that Tehran expects to reach an agreement with the OPEC oil production quotas that Iran was able to get right to produce raw materials as part of its volume.

" The sanctions restricting trade in oil from Iran, has not yet taken off < ... > In the future, we may see a slight increase in Iran's oil exports to countries such as India, China , South Africa, South Korea and Japan . However, shipments will be limited to U.S. pressure and quotas on imports of Iranian oil , "- said an analyst at Natixis SA Abhishek Deshpande .

It should also be noted that the mixed dynamics in the prices of oil futures transactions is largely due to a technical correction . On the eve of the price of oil futures have risen markedly influenced by data on further reductions in U.S. commercial crude oil inventories . Today , market participants with the beginning of the next trading day record profits , resulting a day earlier.

February futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) dropped to $ 93.92 per barrel.

February futures price for North Sea Brent crude oil mixture rose $ 0.13 to $ 107.01 a barrel on the London exchange ICE Futures Europe.

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